Across the country, firms large and small continue to face big exposures because of avoidable mistakes or because of aggressive plaintiffs. Time and again, these claims result in multimillion-dollar legal malpractice payouts.
Now, more than ever, clients and former clients are looking to attorneys—perceived as having deep pockets—to compensate them for failed business ventures, risky investments and even unsuccessful litigations. These massive payouts reflect trends and risks that can serve as useful tools in creating, executing and following effective risk management procedures for attorneys. The following suggestions may help to reduce the risk of a runaway jury or an unexpected multimillion-dollar settlement in connection with an avoidable legal malpractice claim.
Juries Don’t Care About Reputation
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